The Lender of Last Resort in the European Single Financial Market

By Pedro Gustavo Teixeira, Garry J. Schinasi

May 1, 2006

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Format: Chicago

Pedro Gustavo Teixeira, and Garry J. Schinasi The Lender of Last Resort in the European Single Financial Market, (USA: International Monetary Fund, 2006) accessed December 26, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper examines challenges in effectively implementing the lender-of-last-resort function in the EU single financial market. Briefly highlighted are features of the EU financial landscape that could increase EU systemic financial risk. Briefly described are the complexities of the EU's financialstability architecture for preventing and resolving financial problems, including lender-of-last-resort operations. The paper examines how the lender-of-last-resort function might materialize during a systemic financial disturbance affecting more than one EU member state. The paper identifies challenges and possible ways of enhancing the effectiveness of the existing architecture.

Subject: Banking, Financial sector stability, Financial services, Lender of last resort, Systemic risk

Keywords: Banking group, Central bank, EU market liquidity, Market, WP

Publication Details

Pages:

23
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2006/127
Stock No:

WPIEA2006127
ISBN:

9781451863871
ISSN:

1018-5941

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